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2009-03-04 09:51:46 CET 2011-09-16 12:25:53 CEST REGULATED INFORMATION Century Aluminum Company - Company Announcement- Century Announces the Curtailment of One Potline at Hawesville, KY SmelterMONTEREY, CA--(Marketwire - March 03, 2009) - Century Aluminum of Kentucky, a wholly owned subsidiary of Century Aluminum Company (NASDAQ: CENX), today announced the orderly curtailment of one potline at its Hawesville, Kentucky Aluminum smelter. The Hawesville smelter produces approximately 250,000 tonnes of primary aluminum annually from five potlines. The potline curtailment will begin immediately and will be completed over the next several days. The action will reduce plant primary aluminum production by approximately 4,370 tonnes per month and will impact approximately 120 employees. "This difficult action is needed to reduce the significant cash losses we are experiencing at the currently depressed global price for aluminum," said Hawesville vice president and plant manager Matt Powell. "Since July of last year, aluminum prices have experienced an unprecedented decline of more than 55%. Conserving cash now is necessary for long term sustainability -- the shutdown is a short term action to get us through this economic crisis. We believe that aluminum markets will ultimately strengthen, allowing us to profitably operate the facility for the long term.""The future sustainability of the smelter," Powell continued, "is dependent upon reliable and competitive energy. The long term, cost-based power contracts we have negotiated with Kenergy Corporation and Big Rivers Electric Corp will allow us to operate the smelter and be a major contributor to the economic well-being of Western Kentucky for many years to come. It is noteworthy that the proposed contracts also provide for temporary potline shutdowns in the event of economic downturns such as the one we are currently experiencing." The power contracts are currently under review by the Kentucky Public Service Commission as part of a proposed unwind of the lease agreement between Big Rivers and E.ON. Century Aluminum Company, the parent of Century Aluminum of Kentucky, owns primary aluminum capacity in the United States and Iceland, as well as an interest in alumina and bauxite assets in the United States and Jamaica. Century's corporate offices are located in Monterey, California. Cautionary Statement This press release may contain "forward-looking statements" within the meaning of U.S. federal securities laws. The company has based its forward-looking statements on current expectations and projections about the future; however, these statements are subject to risks, uncertainties and assumptions, any of which could cause the company's actual results to differ materially from those expressed in its forward-looking statements. More information about these risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in the company's Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. The company does not undertake, and specifically disclaims, any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such forward-looking statements are made. Certified Advisors for the First North market of the OMX Nordic Exchange Iceland hf. for Global Depositary Receipts in Iceland: Helga Gunnarsdottir, Director-Corporate Finance, NBI hf. Astros Vidarsdottir, Senior Manager-Corporate Finance, NBI hf. Contacts: Mike Dildine (media) 831-642-9364 Shelly Lair (investors) 831-642-9357 |
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